Meet Amanda, the AI Cryptocurrency-Backed Loan Assistant

Slowly but surely, artificial intelligence continues to make inroads in the financial sector. There are many areas of this industry which could benefit from an AI-first approach. Amanda is one of those new projects well worth keeping an eye on. This AI loan assistant combines the best of artificial intelligence and blockchain technology. It is the flagship project of Money Token, the blockchain-based financial ecosystem.

Amanda Combines Blockchain and AI

It is evident that the world of finance will undergo some major changes in the coming years. Whether that will be due to blockchain, artificial intelligence, cryptocurrencies, or anything else remains to be determined. Now is a good time to try and combine all of these different technologies into one powerful product tailored to fit consumers’ needs. Amanda, the new AI loan assistant developed by Money Token, seems to check a lot of the right boxes in this regard.

More specifically, the goal is to provide loan services to the cryptocurrency community. All loans will be backed by crypto-assets, a functionality which is already possible today. However, there are always drawbacks to early platforms offering such services, including slow speeds, lengthy loan approval procedures, and not being able to handle the workload in general. This is where Amanda comes in, as it is an artificial intelligence system designed specifically to handle loans and the associated approval process.

As can be read on the project’s Medium page, Amanda will provide both loan registration and approval services backed by crypto-assets. These assets can be used as collateral when requesting a loan, which is a pretty interesting concept. Although it may sound scary to take this route, Amanda will walk users through the entire process and point out any potential risks which users will need to be aware of. The AI is more than capable of answering questions and providing regular news updates to customers.

It is evident that there is a bright future ahead for artificial intelligence in the world of finance. Indeed, there are a lot of processes within this industry which can – or will need to be – automated sooner rather than later, and using an AI to tackle most of these problems makes a lot of sense. Multiple banks all over the world have already started providing customers with AI-driven personal assistants. Whether or not such efforts will ever go mainstream remains to be determined, though.

MoneyToken.com cofounder Jerome MacGillivray commented as follows:

Amanda is the start of an amazing fusion of today’s technology — Blockchain meets AI. We are totally thrilled by what we have going on here; Money Token is building an ecosystem, not only to provide much-needed loan services, but also to create a platform that can take the crypto community to the next level.

It is good to see companies bring together AI and the blockchain in this way. Since Money Token focuses on a cryptocurrency-backed loan platform, a stablecoin, and its own exchange service, it will be interesting to see how Amanda can complement these other services in the future. Amanda is certainly a service well worth keeping an eye on, as she may very well transform the world of finance and cryptocurrency as we know it today.

About The Author

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.